Priming the Pump: Michael Costa’s Big Transaction to Create New LIHTC Deals for Years to Come
By Caitlin Jones
1 min read
Tax Credit Advisor, May 2011: You can’t accuse Michael Costa of thinking small. The housing veteran is sifting through a $3.4 billion portfolio of 276 low-income housing tax credit projects in 33 states and Puerto Rico to create a stream of new tax credit development deals – for years to come.
The third-generation Californian is rounding up consents from investors and lenders associated with the properties in the portfolio, which is under contract to be purchased from Citibank.
Costa, president and CEO of MacFarlane Costa Housing Partners (MCA), Gardena, Calif., is also president, CEO, and managing member of two other new companies – Highridge Costa Investors, LLC (HCI) and Highridge Costa Housing Partners, LLC (HCP). Costa expects HCI to close its purchase of the portfolio from Citibank within the next few months.
